The Prime Purchase team explore what is really going on in the property market.
The Bank of England has increased interest rates by a quarter of a point to 0.75 per cent. This move, only the second in a decade and the first since last November, was widely expected on the back of an uptick in the economy, with solid employment and pay growth, alongside a rise in consumer spending.
Positive signs for house price growth and market activity.
Across the prime country market prices have, on average, softened over the last year but across the Midlands, North and Scotland prices continue to rise.
Prime London values have continued to fall but the averages mask huge variation in performance, with early signs that the market for the best properties is bottoming out.